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Finance & Stock Groups Forum Index » Futures » dynamic gann level update for october 9
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| ganntrader@aol.com |
 Posted: Fri Oct 10, 2008 12:59 am |
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Guest
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(edited from the DGL user group update)
Group update - Oct 9
DEC MINI S&P - one of the members emailed me asking me what I see, now
that the market price had dropped below the DGL convergence I
mentioned would be happening this week (see the Oct 4 update). As it
turned out, the convergence resulted in an obvious acceleration of the
existing downtrend.
I think it's very difficult to determine when a trend will end . . . I
use and suggest that others use DGLs as a means of determining when a
pause and pullback during the course of a trend will end, with the
hope of getting aboard the trend at that lull-point. But the weekly
DGLs provide an interesting possible scenario.
Prices closed just below the initial DGL last week . . . the lowest
close for the week in the December futures came in at 1108.25, and DGL
projection made from March of 2000 had a value of 1113. This week
prices have made another drop and are heading for the first real
potential DGL turning point, which for this week has a price around
878. The low today was 905.50. One would hope that this DGL would
provide some indication of where support might come in. But as I say,
when a trend is underway it's very difficult to project where it will
end.
OTHER MARKETS WORTH WATCHING - I see that in the Grains, Wheat and
Bean Meal may be moving to potential short setups; and in Currencies,
the Euro may also be (this could be a case of retesting previously
broken DGL support, which would now act as resistance to the current
pullback).
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For info on the DGL user group: visit http://dgl.topcities.com
or email: ganntrader@aol.com |
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